AAR RESIDENTIAL RESALE PURCHASE CONTRACT 101(6 Hours CE)

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This course is designed to help you understand the Updated 2020 Arizona Residential Resale Purchase Contract.  We will take a look at all aspects of the contract from agency, lending, disclosure and much more.  In today’s market is important to know your real estate purchase contract.  Understanding and being able to explain to your clients what they are signing, if they do not understand it, is key to full representation.

3-Hours Contract,   3-Hours Agency Law

Lessons

Duties a Broker MAY NOT Perform R4-28-1101:PC-2017

Length: 8 minutesComplexity: Standard

🔊 Listen to Lesson A.  A licensee shall not allow a controversy with another licensee to jeopardize, delay, or interfere with the initiation, processing, or finalizing of a transaction on behalf of a client.…A.  A licensee shall not allow a controversy with another licensee to jeopardize, delay, or interfere with the initiation, processing, or finalizing […]

Real Estate Agency Disclosure and Election: PC-2017

Length: 7 minutesComplexity: Standard

🔊 Listen to Lesson Lines 1-5: Line 1:  Always your Broker Firm name. Line 2: Agent’s Name Agency is the FIRST document that should be presented to the client. Why? BECAUSE A CLIENT HAS…Lines 1-5: Line 1:  Always your Broker Firm name. Line 2: Agent’s Name Agency is the FIRST document that should be presented […]

Real Estate Agency Disclosure and Election Part 2: PC-2017

Length: 8 minutesComplexity: Standard

🔊 Listen to Lesson Lines 23-27 Regardless of representation, Brokers are required to exercise reasonable SKILL and CARE in the performance of the Broker’s duties and shall be truthful and honest to both the…Lines 23-27 Regardless of representation, Brokers are required to exercise reasonable SKILL and CARE in the performance of the Broker’s duties and […]

Consent to Limited Representation (“Consent”):Pc-2017

Length: 8 minutesComplexity: Standard

🔊 Listen to Lesson Lines 1-4 Line 1:  Names of ALL Buyers or Tenants Line 2: Names of ALL Sellers or Landlords Line 3: Full address of the property Line 4: Brokerage  Lines 5-8…Lines 1-4 Line 1:  Names of ALL Buyers or Tenants Line 2: Names of ALL Sellers or Landlords Line 3: Full address […]

Real Estate Agency Scenarios:PC-2017

Length: 8 minutesComplexity: Standard

🔊 Listen to Lesson Scenarios: Scenario #1 The Seller has instructed the listing Broker not to present any offers to purchase the home unless the offer is more than $350,000. The buyer’s Broker has…Scenarios: Scenario #1 The Seller has instructed the listing Broker not to present any offers to purchase the home unless the offer […]

Section 1 Exam Agency:Pc-2017

Length: 4 minutesComplexity: Standard

🔊 Listen to Lesson You will need to wait for the timer to run out before you can submit the Exam.You will need to wait for the timer to run out before you can submit the Exam.

Pre-Qualification Form & Working with Lenders:Pc-2017

Length: 6 minutesComplexity: Standard

🔊 Listen to Lesson Working with Lenders Who you choose as a lending partner can have a huge impact on your business.  A great lender can make a difficult transaction seem easy and a…Working with Lenders Who you choose as a lending partner can have a huge impact on your business.  A great lender can […]

Closing Costs:Pc-2017

Length: 6 minutesComplexity: Standard

🔊 Listen to Lesson Things to know about credit scores Collections do not go away by themselves Credit scores can vary from loan products and lenders Credit scores affect the rate a borrower may…Things to know about credit scores Collections do not go away by themselves Credit scores can vary from loan products and lenders […]

Pre-Qualification Form:PC-2017

Length: 5 minutesComplexity: Standard

🔊 Listen to Lesson The Pre-Qualification form plays a very important role in the purchase contract.  It is the Pre-Qualification form that provides the Seller with critical information about the viability of the Buyer’s…The Pre-Qualification form plays a very important role in the purchase contract.  It is the Pre-Qualification form that provides the Seller with […]

Question and Answers: Pc-2017

Length: 5 minutesComplexity: Standard

🔊 Listen to Lesson Why is the maximum total monthly housing payment indicated on the form? Why is marital status requested? What is a USDA loan?   Why are Planned Unit Development, Manufactured Home,…Why is the maximum total monthly housing payment indicated on the form? Why is marital status requested? What is a USDA loan? […]

Section 2 Exam-Pre Qual:Pc-2017

Length: 4 minutesComplexity: Standard

🔊 Listen to Lesson You will need to wait for the timer to run out before you can submit the Exam.You will need to wait for the timer to run out before you can submit the Exam.

Introduction to Residential Resale Purchase Contract Quiz:Pc-2017

Length: 4 minutesComplexity: Standard

🔊 Listen to Lesson As a minimum standard of care, a blank copy of the AAR Residential Resale Purchase Contract should be provided to the client no later than: The Exclusive Right to Sell/Rent…As a minimum standard of care, a blank copy of the AAR Residential Resale Purchase Contract should be provided to the client […]

Buyer Attachment:Pc-2017

Length: 7 minutesComplexity: Standard

🔊 Listen to Lesson Buyer Attachment Buyer is reminded to: Read the entire contract before signing Review Section 4a (SPDS) Review the Inspection Paragraph (see Section 6a) Confirm ability to obtain insurance during the…Buyer Attachment Buyer is reminded to: Read the entire contract before signing Review Section 4a (SPDS) Review the Inspection Paragraph (see Section […]

CONTRACT Section 1-Property:Pc-2017

Length: 18 minutesComplexity: Standard

🔊 Listen to Lesson Section 1.a Lines 1-4 All parties to the contract must be named.  If you are not 100% confident of the Seller’s legal names, it is permissible to check the “as…Section 1.a Lines 1-4 All parties to the contract must be named.  If you are not 100% confident of the Seller’s legal […]

Section 3 Exam-Property:Pc-2017

Length: 4 minutesComplexity: Standard

🔊 Listen to Lesson You will need to wait for the timer to run out before you can submit the Exam.You will need to wait for the timer to run out before you can submit the Exam.

Financing: Pc-2017

Length: 12 minutesComplexity: Standard

🔊 Listen to Lesson The financing section of the contract is one of the most difficult sections of the contract for agents to understand and clearly explain to their clients. In brief, the financing…The financing section of the contract is one of the most difficult sections of the contract for agents to understand and clearly […]

Financing Q & A: Pc-2017

Length: 8 minutesComplexity: Standard

🔊 Listen to Lesson QUESTION #1 Line 69 of the Residential Resale Real Estate Purchase Contract now requires that an AAR Pre-Qualification Form be attached to the Contract. What should the Buyer do if…QUESTION #1 Line 69 of the Residential Resale Real Estate Purchase Contract now requires that an AAR Pre-Qualification Form be attached to […]

Section 4 Exam-Financing: Pc-2017

Length: 4 minutesComplexity: Standard

🔊 Listen to Lesson You will need to wait for the timer to run out before you can submit the Exam.You will need to wait for the timer to run out before you can submit the Exam.

Title and Escrow: Pc-2017

Length: 12 minutesComplexity: Standard

🔊 Listen to Lesson The title and escrow section of the contract is important because it sets forth the instructions for the title company, which bears the responsibility for correctly accounting for all of…The title and escrow section of the contract is important because it sets forth the instructions for the title company, which bears […]

Working with the Title Company: Pc-2017

Length: 9 minutesComplexity: Standard

🔊 Listen to Lesson What is the difference between title and escrow? What risks are associated with the Commitment for Title? What is the significance of the Title Commitment? What risks for licensees and…What is the difference between title and escrow? What risks are associated with the Commitment for Title? What is the significance of […]

Section 5 Exam:Title and Escrow:Pc-2017

Length: 4 minutesComplexity: Standard

🔊 Listen to Lesson You will need to wait for the timer to run out before you can submit the Exam.You will need to wait for the timer to run out before you can submit the Exam.

Disclosures:Pc-2017

Length: 14 minutesComplexity: Standard

🔊 Listen to Lesson   The Disclosure section addresses the disclosures that the seller is obligated to deliver to the buyer according to the terms of the contract. Section 4.a Lines 154-156 The seller…  The Disclosure section addresses the disclosures that the seller is obligated to deliver to the buyer according to the terms of […]

Disclosures Scenarios:Pc-2017

Length: 8 minutesComplexity: Standard

🔊 Listen to Lesson Scenario #1 The seller is an investor who does not want to provide a SPDS to the buyer and is demanding that lines 154-156 of the contract, requiring a SPDS,…Scenario #1 The seller is an investor who does not want to provide a SPDS to the buyer and is demanding that […]

Disclosures Scenarios Part 2:Pc-2017

Length: 6 minutesComplexity: Standard

🔊 Listen to Lesson Scenario #13 The seller’s next-door neighbor has an adult son who has exhibited intimidating and criminal behavior. The next-door neighbor’s son chases and threatens neighborhood children without any reason, and…Scenario #13 The seller’s next-door neighbor has an adult son who has exhibited intimidating and criminal behavior. The next-door neighbor’s son chases […]

Section 6 Exam: Disclosures:Pc-2017

Length: 4 minutesComplexity: Standard

🔊 Listen to Lesson You will need to wait for the timer to run out before you can submit the Exam.You will need to wait for the timer to run out before you can submit the Exam.

Warranties: Pc-2017

Length: 7 minutesComplexity: Standard

🔊 Listen to Lesson The risks associated with the warranties section of the contract include: Disputes arising from the seller’s failure to understand/comply with their obligations Disputes due to the buyer failing to understand…The risks associated with the warranties section of the contract include: Disputes arising from the seller’s failure to understand/comply with their obligations […]

Due Diligence: Pc-2017

Length: 12 minutesComplexity: Standard

🔊 Listen to Lesson Introduction Due diligence is one of the areas where the professionalism of an agent has a chance to shine.  It’s also where the inexperience or unprofessionalism of the agent can…Introduction Due diligence is one of the areas where the professionalism of an agent has a chance to shine.  It’s also where […]

Conventional septic system -Section 6.f-Pc-2017

Length: 7 minutesComplexity: Standard

🔊 Listen to Lesson Section 6.f Lines 241-246 Conventional septic system is most commonly a septic system  however, other alternative systems do exist The buyer indicates what their belief is as it relates to…Section 6.f Lines 241-246 Conventional septic system is most commonly a septic system  however, other alternative systems do exist The buyer indicates […]

NOTICE ABOUT POOL SAFETY Section 6.g-Pc-2017

Length: 7 minutesComplexity: Standard

🔊 Listen to Lesson Section 6.g Lines 247-251 Buyer is tasked with investigating all state, county, and municipal pool barrier regulations. Buyer acknowledges receipt of Arizona Department of Health Services approved private pool safety…Section 6.g Lines 247-251 Buyer is tasked with investigating all state, county, and municipal pool barrier regulations. Buyer acknowledges receipt of Arizona […]

Due Diligence Section 6.H – Section 6.N: Pc-2017

Length: 5 minutesComplexity: Standard

🔊 Listen to Lesson  Section 6.h Lines 252-259 Buyer acknowledges that Brokers are not qualified or licensed to conduct due diligence with respect to the premises or the surrounding area Buyer is advised to… Section 6.h Lines 252-259 Buyer acknowledges that Brokers are not qualified or licensed to conduct due diligence with respect to the premises […]

Due Diligence Secenarios: Pc-2017

Length: 4 minutesComplexity: Standard

🔊 Listen to Lesson Scenarios Scenario #1 The seller and the buyer sign a Contract to purchase an old “tear down” home. In the backyard, there are several broken-down cars and oil drums that…Scenarios Scenario #1 The seller and the buyer sign a Contract to purchase an old “tear down” home. In the backyard, there […]

Section 7 Exam: Warranties & Due Diligence-Pc-2017

Length: 5 minutesComplexity: Standard

🔊 Listen to Lesson You will need to wait for the timer to run out before you can submit the Exam.You will need to wait for the timer to run out before you can submit the Exam.

Remedies:Pc-2017

Length: 10 minutesComplexity: Standard

🔊 Listen to Lesson Section 7.a Lines 310-314 The basic intention of Section 7a. is to provide a party with an opportunity to cure a potential breach of the contract. If a party fails…Section 7.a Lines 310-314 The basic intention of Section 7a. is to provide a party with an opportunity to cure a potential […]

Remedies Scenarios:Pc-2017

Length: 11 minutesComplexity: Standard

🔊 Listen to Lesson Scenario #1 After the close of escrow, the buyer discovers that the seller has removed the built-in range/oven. The cost to replace the built-in range/oven will be $1,500. Can the…Scenario #1 After the close of escrow, the buyer discovers that the seller has removed the built-in range/oven. The cost to replace […]

Section 8 Exam Remedies: Pc-2017

Length: 4 minutesComplexity: Standard

🔊 Listen to Lesson You will need to wait for the timer to run out before you can submit the Exam.You will need to wait for the timer to run out before you can submit the Exam.

Terms and Conditions & Seller Acceptance: Pc-2017

Length: 14 minutesComplexity: Standard

🔊 Listen to Lesson What are the risks associated with the Additional Terms and Conditions Section of the agreement? Improper calculation of time periods Improper notice Ineffective cancellation notice  Section 8.a Lines 344-389  Section…What are the risks associated with the Additional Terms and Conditions Section of the agreement? Improper calculation of time periods Improper notice […]

2017 Residential Resale Purchase Contract FAQs

Length: 4 minutesComplexity: Standard

🔊 Listen to Lesson Why did the Risk Management Committee elect to revise the Residential Resale Real Estate Purchase Contract (“Purchase Contract”)? Line 11 asks the parties to identify the amount of Earnest Money.…Why did the Risk Management Committee elect to revise the Residential Resale Real Estate Purchase Contract (“Purchase Contract”)? Line 11 asks the […]

2017 Residential Resale Purchase Contract FAQs Part 2

Length: 5 minutesComplexity: Standard

🔊 Listen to Lesson If Buyer is obligated to provide compensation to Broker(s), can the funds come from Seller concessions? Previously, the Purchase Contract contained a Section (2k) titled “VA Loan Costs.” Why has…If Buyer is obligated to provide compensation to Broker(s), can the funds come from Seller concessions? Previously, the Purchase Contract contained a […]

Standard AAR Forms-Pc-2017

Length: 4 minutesComplexity: Standard

🔊 Listen to Lesson AAR Brings You Standard Forms! Below is a list of AAR’s forms accompanied by a short description. A sample of each form can be found by clicking on the name…AAR Brings You Standard Forms! Below is a list of AAR’s forms accompanied by a short description. A sample of each form […]

Standard AAR Forms Part 2: Pc-2017

Length: 4 minutesComplexity: Standard

🔊 Listen to Lesson Notice of Nonrenewal of Lease Agreement – Use this form to notify tenant(s) that the lease will not be renewed and that the tenant(s) must vacate the Premises upon a…Notice of Nonrenewal of Lease Agreement – Use this form to notify tenant(s) that the lease will not be renewed and that […]

Section 10 Exam:Standard AAR Forms-Pc-2017

Length: 4 minutesComplexity: Standard

🔊 Listen to Lesson You will need to wait for the timer to run out before you can submit the Exam.You will need to wait for the timer to run out before you can submit the Exam.

Final Exam-2017 AAR RESIDENTIAL RESALE PURCHASE CONTRACT: Pc-2017

Length: 1 minutesComplexity: Standard

🔊 Listen to Lesson The Final is not timed. Once you have passed this final… For The AAR RESIDENTIAL RESALE PURCHASE CONTRACT 101   Remember to PRINT OUT YOUR CERTIFICATE and then you may move on…The Final is not timed. Once you have passed this final… For The AAR RESIDENTIAL RESALE PURCHASE CONTRACT 101   Remember to PRINT […]

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